MIDEAST STOCKS-Abu Dhabi leads most major Gulf markets higher in early trade

May 9 – Most major Gulf stock markets rose in
early trade on Sunday, with aquaculture firm International
Holding continuing to support the Abu Dhabi index.
The index increased 0.7%, with First Abu Dhabi Bank
, the country’s largest lender, rising 0.7%, whereas
International Holding climbed over 1%, on track to
extend gains for a fourth consecutive session.
International Holding posted 1.5 billion dirhams ($408.4
million) of profit in the first quarter compared with 112.2
million dirhams a year earlier.
The company’s board also approved acquiring stake in four
companies through its units.
Elsewhere, telecoms firm Etisalat was up 0.5%.
The Abu Dhabi-based telecoms operator Etisalat is set to
raise 1 billion euros ($1.22 billion) in dual-tranche bonds on
Thursday, Reuters reported, citing a document from one of the
banks leading the deal.
Saudi Arabia’s benchmark index added 0.3%, with
Jabal Omar Development, one of Saudi Arabia’s largest
listed property developers, rebounding over 3%.
In the previous session, the developer retreated following a
news report saying that the kingdom is considering barring
overseas pilgrims from the annual haj for the second year
running as COVID-19 cases rise globally and worries grow about
the emergence of new variants.
In Dubai, the main share index rose 0.7%, buoyed by
gains in property shares. Emaar Properties, Dubai’s
biggest developer, advanced 1.8%, while its shopping centre unit
Emaar Malls traded 2.6% higher.
Dubai’s tourism chief last week said he was very optimistic
business and leisure travellers would return this year, though
the pandemic made it difficult to predict exactly how many.
In Qatar, the benchmark eased 0.1%, hit by a 0.8%
fall in petrochemical firm Industries Qatar. REUTERS
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